Freeport-McMoRan Inc. $FCX Shares Bought by Catherine Avery Investment Management LLC

Catherine Avery Investment Management LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 20.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,208 shares of the natural resource company’s stock after buying an additional 18,120 shares during the quarter. Freeport-McMoRan makes up approximately 3.2% of Catherine Avery Investment Management LLC’s investment portfolio, making the stock its 4th largest position. Catherine Avery Investment Management LLC’s holdings in Freeport-McMoRan were worth $5,394,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 1.4% during the third quarter. Vanguard Group Inc. now owns 128,760,188 shares of the natural resource company’s stock valued at $5,049,975,000 after acquiring an additional 1,776,241 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 1.4% in the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock worth $2,480,995,000 after purchasing an additional 899,699 shares during the last quarter. State Street Corp grew its stake in shares of Freeport-McMoRan by 1.1% in the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after purchasing an additional 690,736 shares during the last quarter. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Freeport-McMoRan by 2.1% in the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock valued at $849,945,000 after purchasing an additional 435,963 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $53.60 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $77.03 billion, a P/E ratio of 35.50, a price-to-earnings-growth ratio of 0.65 and a beta of 1.41. The firm’s fifty day simple moving average is $61.76 and its two-hundred day simple moving average is $50.23. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.75.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business’s revenue was down 1.5% compared to the same quarter last year. During the same period last year, the business posted $0.31 EPS. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on FCX. Stifel Nicolaus lifted their target price on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Jefferies Financial Group increased their price target on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. UBS Group raised their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Scotiabank lifted their price objective on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, February 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.59.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the sale, the chief financial officer directly owned 79,894 shares in the company, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the transaction, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. This trade represents a 27.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 565,145 shares of company stock valued at $35,839,918 over the last ninety days. Insiders own 0.75% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.